Roundup: Sisterson names managing partner; Toyota settlement OK'd; more
Accounting firm Sisterson names managing partner
Bradley P. Lusk is the new managing partner at Sisterson & Co. LLP. The certified public accounting firm said Friday its partners elected Lusk to the position effective Jan. 1 to succeed William E. Troup, who has been managing partner since 1997 and has announced his retirement. Troup will continue to serve as assurance services partner until he retires. Lusk has been with the Downtown-based firm since 1991, provides accounting and auditing services to privately owned, middle market clients in various industries and leads the growing not-for profit practice area.
MagicJack CEO says exit will reduce short-selling
Shares of MagicJack VocalTec Ltd. rallied the most in 10 weeks after CEO Daniel Borislow resigned, saying he hopes his departure will curb short-selling that contributed to a three-month slump in the Israeli technology company. Shares of the Netanya, Israel-based company that offers voice-over-Internet services jumped 10 percent to $17.95 on Friday, after plunging 33 percent since Sept. 12. Borislow will concentrate on marketing and product development, relinquishing the post of CEO on Jan. 1 to Gerald Vento, the company said. Vento was chief executive of TeleCorp PCS Inc., which was sold to AT&T Inc. in 2002, MagicJack said.
Judge approves Toyota's $1.1B acceleration deal
A federal judge granted preliminary approval on Friday to Toyota Motor Corp's $1.1 billion settlement of a class-action lawsuit brought by consumers who lost value on their cars due to sudden, unintended acceleration. The order on Friday came from U.S. District Judge James Selna in Santa Ana, Calif., who scheduled a hearing for final approval of the deal in June. About 16 million Toyota, Lexus and Scion vehicles sold in the United States spanning the model years 1998 to 2010 are covered by the settlement. Company officials have maintained that the electronic throttle control system was not at fault, instead blaming ill-fitting floor mats and sticky gas pedals.
Other business news
• Oilfield services company Baker Hughes Inc. said the number of rigs actively exploring for oil and natural gas fell this week by 11, to 1,763. Baker Hughes, based in Houston, said Friday that 1,327 rigs were exploring for oil and 431 were searching for gas. Five were listed as miscellaneous. A year ago, Baker Hughes counted 2,007 rigs. Of the major oil- and gas-producing states, Alaska and West Virginia gained one rig each. Louisiana declined by eight rigs and California and Louisiana each dropped two. Pennsylvania and Wyoming were unchanged.
— Staff and wire reports